10 January 2007 — Consultation Paper 42 issued for public comment

Dubai, 10 January, 2007: The DFSA has issued on 3rd January 2007 Consultation Paper No. 42 for public comment.

The Paper, which is posted on the DFSA website seeks public comment on the DFSA’s proposals to amend the DFSA Rulebook to meet international best practice standards as reflected in the core principles and recommendations of the:

(a) International Organization of Securities Commissions (IOSCO), which sets international standards relating to securities regulation;
(b) Basel Committee on Banking Supervision (BCBS), which sets international standards for banking supervision;
(c) International Association of Insurance Supervisors (IAIS), which sets international standards for the supervision of insurers; and
(d) Financial Action Task Force (FATF), which sets international standards to prevent money laundering and funding of terrorism and crime.

As a risk based regulator, the DFSA, in consultation with industry, strives to foster the principles of integrity, transparency and efficiency in the DIFC financial markets. By developing these proposals in line with international best practice, the DFSA is furthering its regulatory objective of ensuring that the DIFC is a well regulated and internationally competitive financial market.